Job Openings Fall as US Hiring Begins To Cool

Job Openings Fall , as US Hiring Begins To Cool.

In October, employers in the United States posted 8.7 million job openings, the lowest number since March of 2021.

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In October, employers in the United States posted 8.7 million job openings, the lowest number since March of 2021.

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ABC reports that the lower numbers come as a sign that hiring has cooled amid higher interest rates, while remaining at a still-healthy pace.

On December 5, the Labor Department released a report that openings were down significantly from September's 9.4 million.

October also saw the number of layoffs rise modestly, while the number of U.S. workers quitting their jobs dropped slightly.

ABC reports that the lower number of job openings in October had a large impact on healthcare and social assistance, falling by 236,000.

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Higher interest rates have had a particularly hard impact on finance, which includes banking, insurance and real estate, where openings fell to 217,000.

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Meanwhile, openings in hotels, restaurants and bars fell to 124,000.

Despite the steep decline in October, the number of job openings remains historically high, exceeding 8 million for 32 straight months.

ABC reports that U.S. employers have added 239,000 jobs a month in 2023, while the unemployment rate has come in under 4% for 21 consecutive months.

While unemployment remains low, 1.93 million people in the U.S. were collecting unemployment benefits in the week ending November 18, the highest number in two years